The inspection period is over. The sellers have agreed to fix the items that my buyers requested to be fixed. What happens how? The appraisal takes place. The lender that the buyers are working with are the ones that order the appraisal.
A very important factor in the appraisal process is to get an appraiser that is from the local area. Please ask your lender to who they use when hiring your lender. It is critical.
Here is what happened in Luke and Lauren's transaction, in their words.
"The day after we settled everything with the home inspection, we got word about the appraisal. The house was appraised less than the original asking price. Luke and I were shocked because we thought the original listing price was a steal for that house in that particular neighborhood. We knew we had to go back to the sellers with the lower price and we were still hoping for 3% down provided by the seller since we now have to put 10% down on the house. We went back and forth with the sellers that day about the price. We found out that they had another offer on the table that they had just been keeping in case something went wrong with our offer. Luke and I got nervous because we didn't want to lose the house. The sellers said they will come down with the price but they will not pay for any closing costs. This was something Luke and I went back and forth about. We really wanted just a few thousand dollars to help with the closing costs. However, with the other offer sitting in the back of our minds, we decided that we'll just accept the sellers terms. Spending more money up front to get a cheaper mortgage was our ultimate goal. We just didn't want to spend that much up front. We knew we would be able to recover over time and build our bank accounts back up.
A day or two after the appraisal got settled we found out that we got the conditional loan approval. We just have to send in a few more documents and then a few days before closing the loan will be officially closed and the house will be ours! Now we will be telling our leasing office we will be leaving and settling things with them." Luke and Lauren
WOW! Luke and Lauren's have had to deal with all aspects of a real estate transaction in their very first go round!
As you can see things are never black and white and a real estate transaction has many facets to it. An agent with attention to detail and strong negotiation skills is vital to helping the deal come to fruition.
Need an agent that knows the importance of these skills?
Call or email.
I would love the opportunity to meet with you.
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Sarah Garza
410.946.6054 cell
Keller Williams Select Realtors Annapolis
410.972.4000 office
www.sarahgarza.com
realtorsarahgarza@gmail.com
